term1 Definition1term2 Definition2term3 Definition3
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a. nature of the business.
b. size of the firm.
c. volume of data to be handled.
d. All of these answer choices are correct.
a. adjusting.
b. balancing.
c. ledgering.
d. posting.
a. the right side of an account.
b. an increase.
c. a decrease.
d. None of these answer choices are correct.
a. ledger.
b. account.
c. trial balance.
a. proves that debits and credits are equal in the ledger.
b. supplies a listing of open accounts and their balances that are used in preparing financial statements.
c. is normally prepared three times in the accounting cycle.
a. Goodwill
b. Service Revenue
c. Accounts Receivable
d. Both Goodwill and Accounts Receivable
a. Unearned Service Revenue
b. Salaries and Wages Expense
c. Inventory
d. Retained Earnings
a. temporary accounts.
b. permanent accounts.
c. real accounts.
a. Each transaction is recorded with two journal entries.
b. Each item is recorded in a journal entry, then in a general ledger account.
c. The dual effect of each transaction is recorded with a debit and a credit.
a. the account notes payable will be increased.
b. the account interest expense will be decreased.
c. they will debit notes payable and interest expense.
d. they will debit cash.
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